BVI News

Gov’t seeking $100M Earthquake Catastrophe Insurance coverage for BVI

Photo depicting sections of Tortola. Photo by Davion Smith/BVI News Journalist

Government is currently seeking to procure an Earthquake Catastrophe Insurance policy that will provide coverage of more than $100,000,000 to the British Virgin Islands.

A media release from the Ministry of Finance said the insurance will provide coverage for the rehabilitation, restoration, reconstruction and revitalization of standard eligible insurable assets in the event the territory is severely impacted by an earthquake.

“The government of the Virgin Islands has taken a decision to employ a proactive approach to protecting and safeguarding the livelihood and infrastructure of the people of the Virgin Islands,” Procurement Coordinator Ishma Rhymer stated.

“Meshed in this approach is the need to ensure that public infrastructure that may be severely damaged because of an earthquake can recover in short order to allow for the continuity of government and its services,” she further said.

Criteria which must be fulfilled by all bidders

Government is, therefore, inviting proposals for the provision of this type of insurance.

According to the aforementioned release, potential bidders must meet a specific criteria to be considered a qualified candidate for the bidding process.

“Eligible bidders are required to have a valid Insurance Licence issued pursuant to the Insurance Act 2008 for insurance providers operating in the BVI, along with Certificates of Good Standing from the Director of the Social Security Board and the Commissioner of Inland Revenue,” the release stated.

“The date of issue on the certificates must be current and should be no earlier than one month prior to the date of submission.  Firms registered outside the British Virgin Islands shall be required to submit equivalent documents relevant to the firm’s place of registration,” it added.

How to apply for bidding documents

All companies that meet the criteria and interested in seeking bidding documents will have to make a request via email to procurement@gov.vg to receive an electronic copy.

The email subject title must have “Request for Bid Documents for Earthquake Catastrophe Insurance for the British Virgin Islands”.

All bids should be submitted by Tuesday April 14.

Copyright 2020 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.

11 Comments

Disclaimer: BVI News and its affiliated companies are not responsible for the content of comments posted or for anything arising out of use of the comments below or other interaction among the users.

  1. Citizen says:

    People can’t pay rent. Why don’t you address this issue at hand instead. Check on earthquake later. Talk to the banks so to give the borrowers none interest privilege. Take example from the French president and ease the financial burden on the people. Rent free, tax free, utility bills free, all for one or two months.
    Am out of a job and was living paycheck to paycheck. Just making my point at hand.

    Like 15
    Dislike 13
  2. ... says:

    Wow 100m earthquake insurance. How much does this cost per year?

    Man how can the country move forward if our leaders keep placing it in debt.

    Keep making big big decisions without consulting the people who vote.

    I want a government that says look how much we saved. They seem to be trying to out do each other in terms of spending.

    Like 7
    Dislike 2
  3. Anonymous says:

    “”They seem to be trying to out do each other in terms of spending and rediverting.”

  4. People says:

    This is a wise move by our government

    Like 3
    Dislike 4
  5. Soooo says:

    Which insurance Agency in the BVI, is making a huge commission on this policy? Kick backs?

    Like 2
    Dislike 1
  6. Insurance says:

    Why is this not wrapped up in general/hurricane insurance? Or is the government seeking earthquake only without wind storm?

  7. Okay... says:

    This is actually a really sensible move – whether the markets react to this, and what price they quote if they do react, will be interesting, but when making decisions you should always make sure you have every possible bit of information available to you. Therefore, asking the question makes a lot of sense, you then have three courses of actions:
    1. No insurance available. Make decisions based on that.
    2. Insurance available but too expensive. Find other ways to create funds to mitigate the risk (or just accept the risk).
    3. Insurance available at a sensible price. Take out the policy.
    This is exactly what you or I should do when it comes to house insurance, car insurance, travel insurance, or any other insurance.

    Like 2
    Dislike 1
  8. Samuel says:

    Make sure it’s an insurance company that will pay. Please not N….O

    Like 2
    Dislike 1
  9. Truth says:

    Do you know or care to know that only one insurance agency/broker underwriter failed after the 2017 hurricanes. Ask BVIaa for example who they are. The Insurance Regulator is yet to Address this publicly and one wonder why. There are many others whose claim are still os

  10. Sly Mongoose says:

    The government has to figure out a way to insure that if/when there is a devastating earthquake/tsunami, that the insurance company will honor the policy and not claim bankruptcy, close their doors and leave without paying a dime.

Leave a Comment

Shares